Bittensor Breaks Out: 13% Surge Fuels Rally Towards $380 Target

Bittensor's price has surged by more than 13% in the past 24 hours, breaking above a key structural level. This comes as the broader crypto market gained around 5% in capitalization.

The altcoin's rally was anticipated to be in the coming weeks, but it appears to have happened earlier than expected. According to a crypto analyst, Bittensor is yet to move from its bottom, suggesting that TAO was likely to see a strong breakout.

TAO had been in a long accumulation range against Bitcoin [BTC], and the analyst expects a breakout in the coming weeks with a target range between $360 and $380. The MACD indicator has turned green after a bullish crossover on the daily chart, supporting this view.

The Aggregated Funding Rate is currently at 0.0066%, indicating that bulls are paying bears a premium to keep their orders open. However, the RSI Divergence has printed a bearish signal on the hourly chart, hinting at a short-term price correction after a breakout.